Kanye West’s Net Worth Is Declining After Being Dropped By Balenciaga, Vogue and Adidas
It’s no secret Kanye “Ye” West is worth a lot of money — but exactly how much? After making antisemitic statements via Twitter in October 2022, multiple brands like Balenciaga, Vogue, Adidas and Gap cut ties with the rapper. The end of Kanye’s deal with the sneaker brand, which produces Ye’s Yeezy sneaker line, drastically decreased his earnings. Keep reading to find out his net worth.
What Is Kanye West’s Net Worth?
As of October 2022, the designer’s net worth is an estimated $400 million, according to Forbes. Prior to his racist remarks and losing deals left and right, Kanye was worth a whopping $46.6 billion, according to Bloomberg. This decreased Kanye’s status as a billionaire to a millionaire.
Why Did Kanye Lose His Partnerships?
The Chicago native received major backlash after making antisemitic remarks online. Kanye tweeted that he would go “death con 3 [sic] On JEWISH PEOPLE” in October 2022, which led Twitter to lock his account.
The same month, Kanye apologized for his tweet during an appearance on Piers Morgan Uncensored. However, he claimed he didn’t regret making the comment and even acknowledged it was racist.
Balenciaga was the first to drop the “Ghost Town” rapper, followed by Vogue’s editor-in-chief- Anna Wintour, CAA (Creative Artists Agency), and MRC studio executives who were working on Kanye’s upcoming documentary.
Additionally, his record label G.O.O.D. was dropped by Def Jam, according to the New York Times.
After Adidas announced the end of their partnership with Ye, Gap also announced they would be severing ties with him as well.
“In September, Gap announced ending its Yeezy Gap partnership. Our former partner’s recent remarks and behavior further underscore why. We are taking immediate steps to remove Yeezy Gap product from our stores and we have shut down YeezyGap.com,” read a statement from Gap on October 25.
The message continued, “Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values. On behalf of our customers, employees and shareholders, we are partnering with organizations that combat hate and discrimination.”
Kanye Is, First and Foremost, a Rapper
The entrepreneur first came onto the music scene in the late ’90s, creating beats for other artists. He started his career as a rapper in 2004 with his debut album, The College Dropout. He has since released nine more studio albums: Late Registration, Graduation, 808s & Heartbreak, My Beautiful Dark Twisted Fantasy, Watch the Throne (with legend Jay-Z), Yeezus, The Life of Pablo, Ye and his gospel album, Jesus Is King.
Kanye Has His Own Record Label
G.O.O.D. Music, founded by Kanye in 2004, has released music by Big Sean, Pusha T, Teyana Taylor, Common, John Legend and Kid Cudi, among others. According to Bloomberg, his music catalog, including the offerings from G.O.O.D., is worth at least $110 million.
Kayne Is a Fashion Designer
The musician owns Yeezy, a footwear and high fashion brand, both founded in 2015. He has designed more than a dozen wildly popular sneakers designs for the footwear leg of the company, which was previously in partnership with Adidas. The first shoe, Yeezy Boost 750 in light brown, sold out in 10 minutes.
He received about 10 percent royalties on revenue from the brand through Adidas, as “expenses” come out of his cut and the sportswear brand produces, markets and distributes the shoes.
The “Stronger” artist made another big move in June 2020 when he announced teamed up with retailer Gap to create a new clothing line called Yeezy Gap, which was set for a 2021 release. During the reported 10-year contract, “Gap will pay royalties and potential equity to Yeezy,” the New York Times reported. However, Kanye terminated the contract in September 2022, citing a “breach of contract.”
The clothing brand was planning on selling the merchandise that was already produced, but pulled everything off the racks following Kanye’s October 2022 racist remarks. Gap also shut down YeezyGap.com.
Combined, his partnerships with Adidas and Gap were worth between $3.2 billion to $4.7 billion, according to Bloomberg.
Kanye Is a Businessman
Bloomberg claimed Kanye had $1.7 billion in additional assets, including a five percent stake in estranged wife Kim Kardashian‘s company Skims.
He also owns KW Foods LLC, which owns the Fatburger chain of restaurants in Chicago. He also owns a creative content company named DONDA, for his late mother Donda West. Additionally, the rapper is a shareholder in the streaming app TIDAL and his stake is estimated at 3 percent.
Kanye Owns Property and Vehicles
According to Forbes, the star values his properties and their “improvements” at $81 million, with an additional $21 million in land.
In 2014, he and former wife Kim acquired a $23 million mansion in the Hidden Hills neighborhood of Los Angeles. In 2019, they expanded the 4.5-acre property to 7.5 acres. With renovations made over the years, it is worth at least $60 million. However, following their split, the SKKN founder acquired sole ownership of the property. Kanye also owns a 300-acre estate on Stokes Canyon Road in Calabasas where his Sunday Services are held.
In Wyoming, Kanye owns several properties: a 6,700-acre ranch called Bighorn Mountain Ranch, a 1,400-acre ranch called The Monster Lake Ranch and a commercial property.
Additionally, his documents claim he owns $3,845,162 in vehicles and $297,050 in livestocks (presumably at his Wyoming ranches).
Kanye Invests — and Keeps Cash Under the Bed
Bloomberg claimed the designer had $122 million in cash and stocks, which means Kanye is looking toward his future when it comes to his wealth.
Kanye Has Debt
The “Gold Digger” singer owes various companies $100 million between mortgages, advances and other liabilities.
Kanye Pays Child Support
After a judge signed off on his divorce from the Kardashians star in November 2022, Kanye was ordered to pay his ex $200,000 per month in child support for their four children. The former couple share daughters North and Chicago, as well as sons Saint and Psalm.
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